Most online payments in Belgium go through the Bancontact scheme, but for high-value orders such as furniture and appliances, or B2B-type transactions, bank transfer remains a preferred payment route. Belgium is part of SEPA (the Single Euro Payments Area), so euro transfer infrastructure is standardized, and bank account ownership is effectively universal, allowing coverage even of customers with no other option.

This page covers the general bank transfer (SEPA Credit Transfer) route rather than a specific brand. In Belgium, the common approach is to keep instant-approval methods such as Bancontact and cards as the default, and consider bank transfer as a complementary channel for high-value payments constrained by limits, or for invoice-based transactions.

This is a push-type payment in which the consumer, after placing an order, executes the transfer through their own bank app or internet banking using the provided account information (IBAN) and reference number. Banks supporting SEPA Instant Credit Transfer (SCT Inst) can complete deposits within seconds, but a standard transfer is processed on a business-day basis, so an operational process of confirming the deposit before shipping is needed. The deposited euro amount is collected by Hecto Financial and moves into the settlement process.

Integrating through Hecto Financial lets a Korean corporation consider accepting SEPA bank transfer without a separate local contract in Belgium. Operational requirements such as deposit reconciliation (reference number matching), along with settlement cycle, fees, and currency options, vary based on the merchant's industry and transaction volume, so discussion with the Hecto Financial sales team before contracting is necessary.

• Business registration country

  Confirm whether contracting is possible on a Korea-based business basis

• Sales channel

  The integration method and priority differ depending on the mix of online sales channels, such as a direct-to-consumer store, marketplace, or mobile app

• Product categories handled

  Advance confirmation is needed on whether your industry falls under a restricted category under the bank transfer acceptance agreement

• EU regulatory compliance

  Confirmation is needed on compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

The euro (EUR) amount transferred by the customer is collected by Hecto Financial, then converted and settled to the merchant in Korea in one of USD, KRW, or JPY as designated in the contract. The settlement cycle follows the contract terms. Unlike cards, transfer payments carry no chargebacks, but in exchange the merchant must actively initiate a return transfer for refunds, so it is advisable to design the process for capturing the customer's IBAN and handling returns in advance, taking into account the 14-day withdrawal right that applies to EU distance sales.

• National Bank of BelgiumOfficial source for Belgian payment system oversight and statistics. If this page's content differs from the actual regulations, the official source takes precedence.